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Below the Pre-Budget 2026 Expectations Quote on Personal Finance, Tax Rationalisation & Long-Term Wealth Creation Mr. Rajeev Gupta, Religare Broking Ltd

Over the decades, we have watched India transform from a nation of savers to a powerhouse of investors. While the 2025 Budget was a landmark victory for the middle class, effectively making income up to Rs 12.75 lakh tax-free, the Union Budget 2026 must now address the "Aspiration Drain."

Our highest earners (Rs 2 Cr+) currently face a peak tax rate of nearly 39% to 43%. This isn't just a tax; it’s an exit trigger. We are seeing a quiet migration of our best entrepreneurs to hubs like Dubai, where personal income tax is Nil. To keep Indian capital at home, we must rationalize surcharges and cap the effective tax rate at a competitive 30%.

In the markets, the 12.5% Long-Term Capital Gains (LTCG) tax has created a "friction of success." We urge a return to the 10% LTCG regime. Taxing inflationary gains discourages the long-term compounding essential for our Viksit Bharat 2047 target of a $30 trillion economy.

Currently, in NPS, there is a lack of clarity on the final pension amount a citizen will receive from their corpus. We call for an 'assured pension' within the NPS for all citizens. By removing the fog around annuity returns, we can turn the NPS into a true pillar of national dignity and social security.

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